How to Fill Out the 1040X for First Time Home Buyer Tax Credit

If you purchased a home after filing your 2009 or 2010 tax return, you can amend this return to claim the First Time Home Buyer's tax credit. This tax credit can reduce your tax liability by up to $8,000 for couples and $4,000 for individuals. The Internal Revenue Service form needed to file an amended tax return is form 1040X.

• 1

  Go to the Internal Revenue Service's website and download form 1040X and form 5405. The first form is the amended return form and the second is the first time home buyer credit form.

• 2

  Open form 5405. Fill out the first section with the home information, including the house's address and purchase date. Calculate the credit in section 2. To calculate the credit you need your house's purchase price and your modified adjusted gross income (AGI).

• 3

  Open form 1040X. Fill out the first section with your personal information. Put a check mark next to the year you are amending. Enter the amendment reason in the box below.

• 4

  Get your adjusted gross income, deductions and other credit amount from your original 1040. Add the total amount of the homebuyer's credit in line 7 on Form 1040X to your other tax credits. Calculate the refund you are owed or the payment you owe by using the formulas in this section. Sign and date the form. Attach form 5405 to form 1040X. Refer to the Internal Revenue Service website to determine the proper mailing address for amended returns in your state.